NZDJPY: Approaching the Sell Zone.

NZDJPY has been trading sideways inside a Rectangle pattern for a full year. Our TP = 86.300 is close to getting hit, the 1D technicals are naturally green (RSI = 65.478, MACD = 0.580, ADX = 24.917) since we are on a bullish wave but the price is approaching the Sell Zone of this pattern. That is the region between the 0.786 Fibonacci level (86.300) and the R1 Zone (87.335 - 88.145).

In addition, the 1D RSI hasn't been higher since November 1st 2022. Consequently, we are going short now targeting on the long term the 0.236 Fibonacci (TP = 81.550).


Prior idea:


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